OZL delivered an excellent first half result this week but the stocks struggling to react under the pressure of a falling copper price, they even threw in a nice although small 8c special dividend. We continue to like OZL, over the past 6 years the company has enjoyed growth, earnings and commodity price tailwind plus the companies track record over the same period in terms of guidance & delivery has been “best in class”. The stocks almost become a victim of its own success and is not particularly cheap ~$22, following the pullback in copper, but we remain keen accumulators into further weakness as we believe in sticking with quality ~95% of the time.
MM remains a keen buyer of OZL ~$20
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